The term “narwhal” was probably never more appropriate than when it’s applied to St. John’s-based Kraken Robotics, given its work with undersea technologies.

The publicly listed company’s shares have been on a roll lately, and its market capitalization this month rose above $1 billion. That means the company can now be considered a unicorn, or, as some people call Canadian companies with a 10-figure valuation, a narwhal.

According to Google data, Kraken now has a market cap (the total value of all its shares) of C$1.4 billion. At current exchange rates, the company is worth US$1.01 billion, which means it is a unicorn in both Canadian and U.S. dollars. (If you really wanted to split hairs, you could argue that only private companies can be unicorns, but the important thing is that we have another Atlantic Canadian tech company worth $1 billion or more.)

Kraken Robotics develops advanced subsea sensors, batteries, and robotic systems for underwater exploration, surveying, and security. Its primary technology includes high-resolution synthetic aperture sonar (SAS), which provides detailed imagery and mapping of the seabed.

Its stock surged 18 percent on Sept. 10 after the company announced a new US$13 million order for its SAS and SeaPower subsea battery systems from international defense clients in the United States, Norway, and Turkey. That boost to the share price lifted the company into unicorn territory.

That piece of good news came after Kraken in July sold $115 million of shares to investors on the TSX Venture Exchange in an oversubscribed funding round. The expanded pool of shares, and demand from investors has driven the company’s value higher this year.

At Entrevestor, we don’t report on the stock market or make recommendations on buying or selling shares. But we do monitor the innovation community and Kraken’s success is important on several levels.

Just as Verafin energized the Newfoundland and Labrador tech community when it exited in 2020 in a US$2.75 billion sale to Nasdaq, Kraken’s status sets an example to other entrepreneurs in its orbit. It builds talent within the economy, and it sparks ideas for other startups.

What’s exceptional about Kraken is that it is a unicorn in a cornerstone industry for Atlantic Canada. The region – especially Nova Scotia and Newfoundland and Labrador – has decided that ocean industries will be a central pillar in its economic development. Being able to state that we have a home-grown unicorn in this sector is another sign that the region produces great oceantech companies.